News on Indian Economy
Indian Railways’ manufacturing unit for Chittaranjan Locomotive Works (CLW) received the unique distinction of manufacturing most locomotives in a year. CLW got the recognition from the Limca Book of Records and it was published by the same at their Delhi office.
From textiles fabrics, refrigerators and suitcases to antibiotics such as amoxicillin, erythromycin & metronidazole, vitamins and insecticides, the government has begun a hunt for 1,050 items from across the world as supplies from China, which accounts for over 50% of India’s imports, are hit due to coronavirus.
Minister of Railways, and Commerce and Industry Piyush Goyal is in Bhutan, heading a business delegation in connection with the Bhutan – India Start-Up Summit 2020.
As per RBI’s data, the user interest in digital payments has been small but significant. The use of prepaid payment instruments (PPI) such as wallets and payment accounts has increased by 33% to 4.6 Bn transactions in financial year 2018-19 from 3.45 Bn transactions in FY 2017-18. In terms of value, PPIs grew by 50%, amounting to INR 2128.76 Bn from INR 1416.34 Bn in the financial year 2018.
PMEGP is a credit linked subsidy scheme which promotes self-employment through setting up of micro enterprises, where subsidy up to 35 percent is provided by the Government through Ministry of MSME for loans up to Rs 25 lakh (US$ 35,770.4) in manufacturing and Rs 10 lakh (US$ 14308.1) in service sector.
The main objective of this Scheme is creation of processing and preservation capacities and modernisation/ expansion of existing food processing units with a view to increasing the level of processing, value addition leading to reduction of wastage.
State-run Hindustan Aeronautics Ltd (HAL) supplied a rocket part (L-40 stage) to the Indian Space Research Organisation (ISRO) for launching satellites in the geo-stationary orbit onboard GSLV Mark-2, the aerospace major said on Friday.
CORS is a geopositioning infrastructure that provides seamless consistent and uniform framework of the country. It offers highly accurate DGPS service that also improves the speed, efficiency, and simplicity of in-house data-acquisition process. CORS network also act as a driver for reliable data collection by ‘authorized-crowd-sourcing’. CORS takes the overall productivity to the next level by overcoming the limitations of the current RTK technique.
The institute is an autonomous organisation under the Ministry of Earth Sciences. INCOIS prioritises requests for specific services from its diverse user community that ranges right from fishermen to offshore oil exploration industries.
The prepaid meters are expected to help to improve billing and collection, which are the most basic problems facing the country’s ailing distribution companies, known as discoms. These utilities, mostly controlled by their state governments, lose money because of poor billing and theft of power, which often leads to them delaying payments to generators and depriving their customers of reliable supplies.
